Veridox, a startup developing an AI-powered fraud detection platform, raised £1 million in a funding round led by Outward VC, with participation from Solo Investments Holdings Limited.
Based out of Manchester, Veridox launched its first cohort made up of 15 insurers, TPAs and law firms earlier this year to deliver feedback on its product’s fraud detection capabilities, which are designed to provide investigators with explainable, court-ready insights. The startup plans to launch a second cohort from October through December that will get one month of free access to the platform and a post-cohort discount rate.
The new funding will go toward platform and product development, an open API and partner integration rollout, and a late 2025 commercial launch.
“Our mission is simple: help insurers detect fraud faster, and explain why. We’re here to support investigators with tools that actually work in the real world,” Veridox CEO Dan Sandler said in a statement posted to LinkedIn.
